Friday, October 25, 2013

CFTC - Whose Interest Are Really Being Served?

I think the CFTC was following orders from above. And the orders from above came down that, yes there’s been interventions in the gold market, and the market is being manipulated, but it’s being done by the bank for its client. Its client being the US government, and more specifically, the Exchange Stabilization Fund. So I think, essentially, the CFTC bowed to a higher authority.

But more generally, you have to really look at what’s going on in Washington DC these days. And not just with the CFTC, but generally. With a lot of these regulatory and bureaucratic organizations, whose interests are really being served? Is it Wall Street’s interests or is it Main Street’s interests? I think this is just another evidence that, in this particular case, Wall Street’s interests have been put over Main Street’s interests. Which is unfortunate, but that’s the reality of the world in which we live today.